IDFC rose 2.29% to Rs 62.45 after the company said that Mahendra N Shah will replace Sunil Kakar as the bank's managing director with effect from 1 October 2022.
The board approved the appointment of Mahendra N Shah as managing director-designate of the company with immediate effect. The term of Sunil Kakar as managing director & CEO of the company will end on 30 September 2022.Mahendra N Shah was the group company secretary & group chief compliance officer of IDFC First Bank and has been the group head - governance, compliance & secretarial and senior advisor of taxation at IDFC for more than a decade.
IDFC is a financial services company in India and it advances infrastructure development in the country.
The company reported a net profit of Rs 167.5 crore as against a net loss of Rs 4.01 crore in Q1 FY23 over Q1 FY22. Total income zoomed to Rs 174.75 crore in Q1 FY23 from Rs 0.95 crore in Q1 FY22.
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